Answer : According to section 6(4) of the FEMA, a person resident in India can hold, own, transfer or invest in any immovable property situated outside India if such property was acquired, held or owned by him/ her when he/ she was resident outside India or inherited from a person resident outside India.
Answer : A resident individual can send remittances under the Liberalised Remittance Scheme (LRS) for purchasing immovable property outside India. In case members of a family pool their remittances to purchase a property, then the said property should be in the name of all the members who make the remittance
Answer : The prohibition of a resident acquiring property outside India is not applicable if:
A : The resident is a foreign national; or
B : The property was acquired before July 8,1947 and continued to be held after obtaining permission; or
C : If it is acquired on a lease not exceeding five years
Answer : Immovable property can be acquired outside India:
A : Under section 6(4) of FEMA.
B : As an inheritance/ gift from a person (i) referred to in sec 6(4) of FEMA; or (ii) who has acquired it prior to July 8, 1947 (iii) who has acquired such property in accordance with the foreign exchange provisions in force at the time of such acquisition.
C : Purchased with balances in the Resident Foreign Currency (RFC) account of the resident.
D : As a gift from persons at (b) & (c) above, provided he is a relative of such persons.
E : Purchased with remittances made under the Liberalised Remittance Scheme (LRS).
F : Jointly with a relative provided there are no outflow of funds from India.
G : By an Indian company having overseas offices, for housing its business or for residence of staff.